LBI real estate market sales from January 2021-May 2021 have seen some remarkable activity. Fueled by high demand, low interest rates, and COVID, buyers have been taking advantage of the few homes for sale. The demand and general optimism towards the future of the LBI real estate sales market have led to prices increasing quite a bit compared to a year or two ago. The major problem right now is the inventory-or lack thereof. There are not enough homes for sale to meet demand. A quick look at the market shows us the following statistics:
The average price of a single-family home on Long Beach Island is just over $1,400,000
There have been 238 sold single-family homes between January 1st and May 1st 2021
Both the number of homes sold and the average price point are much higher than 2019 and 2020
The LBI real estate market has been seeing tremendous activity with fierce competition among buyers. Over the past year, and as a direct result of COVID, the number of homes for sale on Long Beach Island has been in a steady decline. At present, there are only about 75-100 homes for sale in the LBI real estate market! Looking at the months of supply of inventory, we see a lack of supply show, though, and the number of sales each month has followed suit with less inventory to meet the demand of buyers. Understanding LBI real estate market sales and months of inventory is a useful statistic to evaluate the health of the local sales market.
116 3rd Street is a once-in-a-lifetime chance to own a 100x100 OCEANSIDE lot in the heart of Beach Haven on Long Beach Island. This well-maintained and updated Cape Cod style home has never been on the sale market before and offers an abundance of opportunities. A new owner can use/update the current home which offers many recent improvements including new plumbing, decking, HVAC with new ductwork, electric, and windows. This would also be a great chance to develop a large home on a massive lot with plenty of room to design a dream home and backyard space. The 100x100 lot offers a rare chance for a subdivision that would potentially yield two 50x100 lots. Please note this home is located in the historic district of Beach Haven so any development or subdivision would have to be approved by the town and the preservation committee. 116 3rd Street is an outstanding opportunity that cannot be replicated in Beach Haven!
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
The LBI Real Estate Market is Competitive, but Not Impossible in the current climate. While it is true that the already busy sales market was driven much higher as a result of Coronavirus, there are still many opportunities for buyers to find a deal. Buyers are facing a low inventory environment and while homes are selling quickly, with multiple offers and, in some cases, over full price, there are a few steps buyers can take to prepare themselves. Among these are:
In the last few years, we have seen a surge in the number of pools being installed on Long Beach Island, the most common of which are fiberglass pools. The presence or absence of a pool on a property can have a meaningful impact of the value of a home in the LBI real estate market. Since a fiberglass pool is so common, any potential buyer and seller should understand the pros and cons of having a fiberglass pool in the LBI real estate market.
361 N 9th Street offers an updated, turn-key duplex just a few houses from the bay in Surf City! This well cared for home has two separate apartments. The first floor has 2 bedrooms, 1 bathroom and a large living room, kitchen and dining area. The second floor has 1 bedroom, 1 bathroom and an open floor plan with an additional sleeping area. The current owner has performed several recent updates including landscaping, fresh paint, newer flooring, and updated kitchens. The large lot and outstanding location would make an ideal spot for a new home either now or in the future. 361 N 9th is the chance you have been waiting to purchase a summer home, year-round residence, rental investment or building opportunity!
LBI Real Estate Weekly Sales Update 02/21/2021-02/28/2021: There were a total 74 changes to the Long Beach Island real estate market this week. In the pre-COVID market, this would have been a rather slow week however in the current market, this is a normal amount of activity thanks to the low levels of inventory. To help understand the dynamics of the LBI real estate market for buyers, sellers and investors I publish a weekly sales update for the Long Beach Island real estate market in addition to my monthly analysis of home sales. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
10 new listings entered the market with an average price of $1,549,540
25 listings went under contract with an average listing price of about $1,192,624